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Cohort (CHRT)

Business description

Cohort is an AIM-listed defence and security company operating across four divisions: MASS (30% of FY18e sales); SEA (40%); MCL (15%); and the 80%-owned Portuguese business EID (15%) acquired in FY17.

Stock data

Market cap.£155.6m
Last close380.00p
High / Low (52 weeks)425.0p / 285.0p
Stock market listingLN
Forecast net cash (£m)12.1
Forecast gearing ratio (%)N/A
TeamIndustrials
SectorAerospace & Defence

Price performance

%1m3m12m
Actual5.611.0(10.6)
Relative *5.85.3(13.8)

* % Relative to local index

Other companies in sector Show

Company news

Y/E Apr Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 112.7 15.7 14.5 31.5 12.1 64.0
2018A 111.8 16.7 15.5 30.0 12.7 9.9
2019E 118.4 17.3 16.0 31.2 12.2 20.1
2020E 124.8 18.3 17.0 33.2 11.4 7.7

Last updated on 03/07/2018

Investment summary

Cohort has delivered better than-expected operating profit growth in FY18 as it continues to address the changing dynamics of its end markets. The company believes that the decline in the order book represents delays rather than a reduction in demand and, if this is the case, 2018/19 presents exciting business prospects. Cohort continues to invest and address new business areas while further acquisition presents an opportunity.

Last updated on 03/07/2018

Industry outlook

Cohort is heavily influenced by activities in defence and security (90% of FY17 sales). These markets require highly differentiated technologies and services with high barriers to entry based on customer relationships, regulation and high-level security clearances. The UK government's commitment to spend at least 2% of GDP on defence provides greater confidence, as does the parliamentary approval for the replacement of Trident.

Last updated on 29/06/2018

Key management

Nick Prest, Chairman
Andrew Thomis, CEO
Simon Walther, FD

Company address

2 Waterside Drive
Arlington Business Park
Theale
Reading
RG7 4SW
United Kingdom
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